WAEC Financial Accounting 1997 Question 12

Question 12

Double Entry and the Ledger

Which of the following is a nominal account?

  1. A.Machinery
  2. B.Debtors
  3. C.Creditors
  4. D.Salaries
  5. E.Goodwill.
Show the answer and explanation

Answer: D (Salaries)

Explanation

Nominal accounts record expenses and incomes; salaries is an expense.